Today Jensen Huang resigned, effective immediately, as president and CEO of NVIDIA. The CFO, Colette Kress, has been named interim CEO. As the story regarding Huang’s marital affair and possible foreign intelligence involvement unfolds, I think it’s important to pay close attention to the chart of NVIDIA (NVDA), as well as an ETF that tracks the semiconductor industry, which plays an important role in the AI market.
NVIDIA (NVDA): A Strong Intraday Recovery After Testing Support
This story is moving fast! I talked about it on Tuesday, went to a conference on Wednesday, and here we are on Thursday with some big news!
On Tuesday, I talked about the importance of the support level at 164.27, the March 30th, 2026 low. Shares broke below that level today.
However, in today’s session so far, which is slightly more than halfway completed at the time of this writing, there has been a strong intraday recovery. That came after shares traded down to test support at 151.49, the July 1st, 2025 low.
All of this is happening with the daily chart RSI Power Zones down in the Bear Support Power Zone. However, we’re seeing the slightest hint—and I do mean just a hint, not a confirmation—that downside momentum may be waning.
When we talk about waning momentum, we mean it’s losing the force behind it. Kind of like the bears may be running out of steam to keep pushing prices lower in the short term.
NVDA Resistance Levels I’m Watching Next
That being said, I’m now looking at updated resistance levels, specifically Wednesday’s high at 177.54. We also have a downtrend line coming off the October 28th high at 219.99.
That’s shaping the most recent downtrend, and it’s another area I’d be watching if shares continue recovering.
Of course, this is a story with more to unpack over time, but those are the key levels I’d be watching for now.
SOXX: Another Way to Watch the AI-Related Market
Now, let’s talk for a moment about the AI-related market environment.
If you want to participate in this market but don’t necessarily want to trade broader S&P 500 or Nasdaq-related instruments, you may want to pay attention to SOXX, the iShares Semiconductor ETF. You can find out more details on it here: https://www.ishares.com/us/products/239705/ishares-semiconductor-etf-soxx
Keep in mind that SOXX isn’t weighted the same way as the S&P 500. It’s much more focused on semiconductor companies, including NVIDIA, AMD, and Broadcom.
That doesn’t mean it’s a safer asset to trade. In fact, because it’s concentrated in one industry, it comes with its own risks. But it does give traders another avenue to potentially participate in AI-related market movement, outside of the broad market averages that happen to weigh some of the stocks like NVDA heavily.
SOXX Resistance and Support Levels to Watch
Looking at the daily chart of SOXX, you can see that it has been in a recovery off the November 5th low at 130.75. That also coincided with the daily chart RSI Power Zones moving higher from the Bear Support Power Zone.
Now, with the current recovery, we have a gap down from October 28th up ahead. The pre-gap low at 168.86 and the post-gap high at 161.13 create a short-term zone of resistance that may cap SOXX if it continues slightly higher.
On the other hand, if SOXX trades lower from here and moves below 130.75, the next downside target I’d be watching is 120.71, the April 8th, 2026 low.
📣 PS — Monthly Group Coaching Live is Today!
Friendly reminder that if you’re a HimaReddy trading course member, you’ve been getting invitations to today’s coaching session at 4:30 PM Eastern. Be sure to take advantage of this opportunity to bring your tickers and questions to Hima over Zoom webinar and see her breakdown of the current market action that you can use to guide your learning and trading!
Recent HimaReddy Blog Archives:
- Nov 11th: The Black Turtleneck Theory and Your Trading
- Nov 10th: NVDA Key Levels Amidst Board Investigation
- Nov 9th: How to Find High-Probability Trade Setups
Next steps to get the most from HimaReddy Trading:
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